DJ: Papaconstantinou Says Greece To Be Given Seven Year Extension, Four Year Grace Period
Greece’s Finance Minister said Monday that the country is likely to get an extension for the repayment of its EUR110 billion bailout, Dow Jones Newswires reports.
"We will be given a grace period of four years and then seven years to repay all the loans provided by international lenders," Papaconstantinou said, meaning that Greece, which had until 2015 to repay the bailout will now have until 2024, in line with the repayment terms of the Irish bailout.
"The decision has been taken to have an equal treatment with Ireland and send a message to markets," Papaconstantinou said.
But the interest rate of the Greek bailout would inch higher given this extension from an average fixed rate of 5.5% to about 5.8%, Papaconstantinou said.
"The decision is very important, it opens the way to return to markets earlier than expected," Papaconstantinou added.
(Capital.gr)
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